Gary Gensler, the head of the US Securities and Exchange Commission, has taken a new position at his agency specifically responsible for developing regulatory provisions for cryptocurrency and related exchanges with other authorities.
As if from the opposite message Starting Thursday, Corey Fryer will assume this advisory role on Gensler’s team overseeing cryptocurrency. Fryer previously served in similar positions on the Parliamentary Banking Committee and the Parliamentary Finance Committee of both Congress and the Senate, working with Representatives Maxine Waters and Brad Miller.
In addition to Fryer’s appointment to the Securities and Exchange Commission, Philip Hafenstein, Jennifer Songer, and Jorge Tenrero were also promoted to various senior positions at the agency. As Gensler explains, the new managers “bring valuable consulting skills to the implementation of our organizational projects.”
The Securities and Exchange Commission, along with the CFTC and the Financial Crimes Commission (FinCEN) in the United States, is responsible for regulating cryptocurrencies. Each authority has its own area of responsibility, which leads to the regulation of fragmented and not very clear cipher. Gensler became chairman of the Securities and Exchange Commission last April confirmedWhich means that there will be continuity at least in terms of supervision of the stock exchange until 2026.
Frayer’s appointment is likely to change Gensler’s stance on cryptocurrency. The SEC head is already a proven expert in crypto and blockchain matters, but so far he is skeptical of permission to create the first “live” Bitcoin Index Fund (ETF). Instead, he has repeatedly urged crypto companies to voluntarily register with the SEC and seek active dialogue.
However, the leadership team of the SEC will still be felt at least elsewhere in the new year changeBecause Commissioner Elad Roesman will be leaving the agency at the end of January and Commissioner Alison Lee will take off her hat in June. US President Joe Biden will then have the opportunity to promote two new financial professionals to these important offices. It remains to be seen if the SEC will actually get one or two new crypto experts at the top level.